Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended July 31, 2005 and 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
July 31, 2005 and 2004

Assets

			As of				As of		
			Jul. 31, 2005				Jul. 31, 2004		

	Current Assets
	CASH IN BANK-CHECKING	$		1,288.07	$		2,307.74	
	CASH IN BANK-SAVINGS			12,073.51			8,328.44	
	ACCOUNTS RECEIVABLE-DUES			(90.00)			0.00	

	Total Current Assets	$		13,271.58	$		10,636.18	

	Total Assets	$		13,271.58	$		10,636.18	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
July 31, 2005 and 2004

Liabilities and Equity

			As of				As of		
			Jul. 31, 2005				Jul. 31, 2004		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			11,768.00			8,133.00	

	Total Current Liabilities	$		12,428.00	$		8,793.00	

	Equity
	RETAINED EARNINGS			963.17			308.13	
	Current Income (Loss)			(119.59)			1,535.05	

	Total Equity			843.58			1,843.18	

	Total Liabilities & Equity	$		13,271.58	$		10,636.18	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended July 31, 2005 and 2004

			1 Month Ended								1 Month Ended								7 Months Ended								7 Months Ended						
			Jul. 31, 2005				Pct				Jul. 31, 2004				Pct				Jul. 31, 2005				Pct				Jul. 31, 2004				Pct		

	Revenue
	INCOME-DUES	$		1,540.00			81.80	$		1,540.00			82.04	$		10,780.00			81.58	$		10,670.00			81.94	
	INCOME-RESERVE			330.00			17.53			330.00			17.58			2,310.00			17.48			2,310.00			17.74	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			51.00			0.39			0.00			0.00	
	INCOME-INTEREST			12.75			0.68			7.15			0.38			72.46			0.55			41.33			0.32	

	Total Revenue			1,882.75			100.00			1,877.15			100.00			13,213.46			100.00			13,021.33			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			5.31			100.00			5.33			700.00			5.30			700.00			5.38	
	CABLE TV			322.03			17.10			303.73			16.18			2,217.61			16.78			2,091.79			16.06	
	LICENSES			0.00			0.00			0.00			0.00			0.00			0.00			45.00			0.35	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			0.00			0.00			7.00			0.05	
	REPAIRS & MAINTENANCE			480.00			25.49			0.00			0.00			480.00			3.63			572.33			4.40	
	RESERVE ACCOUNT			360.00			19.12			360.00			19.18			2,520.00			19.07			2,520.00			19.35	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,225.00			9.27			660.00			5.07	
	TRASH REMOVAL			130.00			6.90			130.00			6.93			910.00			6.89			910.00			6.99	
	WATER & SEWER			1,275.00			67.72			1,277.50			68.06			3,795.00			28.72			3,437.50			26.40	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,017.86			7.70			0.00			0.00	
	UTILITIES			35.13			1.87			36.70			1.96			467.58			3.54			542.66			4.17	

	Total Expenses			2,702.16			143.52			2,207.93			117.62			13,333.05			100.91			11,486.28			88.21	

	Net Income (Loss)	$		(819.41)			(43.52)	$		(330.78)			(17.62)	$		(119.59)			(0.91)	$		1,535.05			11.79